Michael Mountford and I sat down with the Michael Vels, the CFO of Hydro One as well as Omar Javed, the Director of Investor Relations also at Hydro One today (Aug 11, 2016) for a unique one on one meeting. Below are some of the highlights from our meeting:

We continue to like the global infrastructure story; in particular Brookfield Infrastructure Partners (BIP) which engages in utility, transport, energy, and communications infrastructure businesses. In today’s market environment infrastructure is one of the few places that seem to provide steady returns.

Several members of our team recently visited different parts of the US but came back with the same observations. “We’re Hiring” and “Help Wanted” signs were literally everywhere and much more prominent than previous years to the same locales. Restaurants, big box retailers and manufacturers alike had signs, banners and radio and TV commercials looking for employees. I was talking with a gentleman from Ohio who told me he and his coworkers are being asked to work triple shifts at the steel company that employs them because they can’t find skilled workers. Food prices are higher although the price of gasoline was extremely low. In our view, the anecdotal evidence indicates that perhaps the Fed is behind the curve with respect to raising rates. Today’s blowout jobs numbers in the US is further evidence that the Fed may need to act sooner rather than later despite moves by the Bank of England to stem post Brexit disruptions.

® Registered trademark of The Bank of Nova Scotia, used under licence. ™ Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management™ consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. ("SCI"). Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of SCI. Insurance services are provided by Scotia Wealth Insurance Services Inc., the insurance subsidiary of SCI. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Underwriters (Financial Security Advisors in Québec) representing Scotia Wealth Insurance Services Inc. SCI is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. The Mountford Group is a personal trade name of Michael Mountford.